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- The future of the internet, Web 3 will be here even before we know, but everything comes with a cost.
- Tweets and entities associated with the crypto industry have been raising questions about the decentralized way of blockchain technology.
- Apart from criticizing Web 3, can someone actually come up with a real solution to how things can be done?
The world is undoubtedly moving towards Web 3.0, but it’s said that everything comes with a price. The world is adopting decentralization gradually, but there seems to be skepticism about the blockchain technology of the current times, and the decentralization that it promises.
There have been Tweets by several prominent entities which somehow raise questions as to whether the inevitable Web 3 is truly what it is perceived as or not. Recently Vitalik Buterin responded to a Tweet by Moxie Marlinspike. Buterin highlighted how it’s quite easy to develop things in a centralized way, in contrast when it comes to decentralization, things go hard.
In another recent Tweet by Jack Dorsey, he underlined that it’s the Venture Capitalists who own Web 3 and that it is a centralized entity with a different label. Hence, these instances come with a question about who is going to own the future of the internet.
Are the current Blockchain technology and projects fully decentralized?
And it’s not only about these Tweets, there have been several hacks and frauds even in the blockchain technology which claims itself to be truly decentralized.
There have been outages in networks, like that of Ethereum in 2020 resulting in its hardfork. And unpredictable outages of the Solana network. The crypto enthusiast might know that these things are not uncommon with blockchain technology. But they definitely pose questions to the decentralized way of the technology, and who exactly owns them.
Web 3 is still something that is for the future, but the present Web 2 is not free from issues too. It is facing centralization immensely in the current times, whether it’s data monitoring or social media platforms putting certain regulations and banning accounts. And these issues might be passed to the future internet as well. Hence, it makes it a bit critical for the Web to achieve decentralization.
Although the future still can’t be accurately forecasted, it is consistently assured that the future web will be in the hands of the users. Some chains require excessive resources from individuals to participate, and the complex computer nodes and lack of skills are other barriers.
Projects like Solana, Avalanche, Polygon, etc were introduced as the go-to blockchain when lower fees are the want. But decentralization is sacrificed while providing users with a low fee feature. Plus, the Solana network has witnessed bot activities because of the cheap fee feature. And these low fee characters are great for the short term, but as the demand increases, so do the fees, for example, Polygon. Higher fees result from users fighting for block space when the demand increases.
While there are different opinions about the issues related to Web 3, no one can come up with a real solution on how things could be done as yet. Scott Galloway pointed out the lack of diversity in the industry and he criticized Web 3.
For Web 3 to not alter the freedom and privacy of the users, decentralization will be needed. And to truly expose the potential, there needs to be no censorship and control of the third parties.
Decentralization is something that needs to be fully integrated but what the future will bring is to be looked forward to. And how Web 3 will exactly turn out to be is still not unveiled entirely.
ALSO READ: Web 3.0 Takes Fashion into the Future – Nitches to Accept Cryptocurrency
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
